It may be news to some people that getting involved with crypto is a growing urgency amongst Wall Street players but most, who've been paying attention would know just how much things are heating up.
Some people might not find hiring reports to be a big of a deal but when we are dealing with a new market with lots of competitions, it makes sense to pay attention to these things.
If we take a couple steps away from crypto for a while and look at another market that's been making waves recently; artificial intelligence, we'd see some similarities in hiring habits as companies like Meta literally hunt for talents, not just from the general talent pool, but also from competing companies.
There were numerous reports of hundreds of millions of dollars, offers, being thrown around to draw in these talents.
This is what it looks like when there's a new market with significant potential and lots of competitions. Companies simply have to work at a fast pace to stay ahead and ensure positioning that allows for significant market capture.
Charles Schwab, Fidelity and other traditional companies based in the United States are hiring for senior crypto positions to seemingly make a push into the industry. The open positions come as regulatory clarity has increased, paving the way for TradFi to enter the space.
The open positions indicate a solid push into the crypto space. Schwab, for instance, is hiring for a senior product manager in crypto trading and a senior product manager in crypto onchain experiences.
Fidelity, which has $6.4 trillion in assets, is hiring for a crypto technology risk analyst. Technology company Booz Allen Hamilton is seeking a cryptocurrency subject matter expert, and Standard and Poor’s Global is hiring a senior analyst for global research and development in crypto and decentralized finance. – Cointelegraph report
The few companies above control several trillions in assets and generate tens of billions of dollars annually.
As such, hiring efforts for crypto positions at these companies would suggest that Wall Street aims to play an active role in crypto.
Charles Schwab's clients already have significant crypto exposure through crypto ETPs according to earlier comments from the CEO in a CNBC interview, owning about 20%, worth over $25 billion at the time.
It would seem that many haven't yet considered what sort of changes could come over the next couple of months. Recently, several reports of L1 blockchain launches from prominent traditional players, including privately owned and publicly traded companies hit CT.
All of which are indicators of what is coming.